• Shiba Inu (SHIB), one of the most popular meme coins within the crypto space, displayed a notable price action in the early days of 2023.
• Despite trading volume maintaining decent levels, the price has remained restricted below $0.000011, forming a symmetrical pennant pattern.
• Technical indicators such as RSI and ADX suggest that SHIB may break out of consolidation soon and reach higher levels.
Shiba Inu Price Action
Shiba INU (SHIB) is one of the most popular meme coins within the crypto space which displayed a notable price action in the early days of 2023. Despite the trading volume maintaining decent levels, the price remained elevated to mark yearly highs above $0.000015. However, due to lack of buying pressure, SHIB dropped hard below crucial levels at $0.00001 but have since been rebounding modestly while remaining restricted below $0.000011.
The SHIB prices are currently trading within a symmetrical pennant pattern and are close to encountering its edge for consolidation. The price from past few days is trading along lower support indicating slight weakness in rally strength as Average Directional Index (ADX) is sliding down whereas Relative Strength Index (RSI) rebounded from lows but failed to lay down strong upswing giving bullish indication for breakout from triangle formation with potential targets at 0.000012 followed by further bulls run reaching higher levels with strong buying pressure required to be triggered for upside move continuation momentum .
The key resistance level lies around 0.0000118 on 4-hour chart while on 1 day chart it stands near 0.00001475 with moving averages 50 & 200 day MA reflecting support at 0.0001077 & 0 overall market sentiments leaning towards neutral zone as per technical indicators value analysis .
In conclusion, Shiba Inu is expected to break out of consolidation soon with technicals suggesting significant price action if proper buying pressure is triggered which can propel prices upward targeting initial resistance at 0.000118 followed by further test for higher levels after breaking out from triangular formation .
Cryptocurrency investments are subject to high market risk as prices could go up or down significantly over short periods of time . Investors should do their own due diligence before making any investment decisions .